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Thursday, October 30, 2014

Japan's SoftBank sets sights on America Movil assets - WSJ, (NYSE: BAC)

Japanese telecom and media group SoftBank Corp has set its sights on the wireless assets put up for sale by America Movil, the Wall Street Journal reported, citing people familiar with the matter. SoftBank recently asked Sprint Corp Chief Executive Marcelo Claure to gather information on the assets that America Movil is planning to sell, sources told the paper.Mexican billionaire Carlos Slim's America Movil said in July it would spin off its telecoms towers and sell assets to reach a market share below the 50 percent threshold amid a regulatory crackdown in its home market, Mexico.Sources told the Journal that Softbank was valuing the assets at around $10 billion, while Bank of America analysts have estimated the assets could be worth $15 billion.Despite the involvement of Claure, any deal would be SoftBank's and likely wouldn't involve Sprint, the sources clarified to the paper.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.26% or $0.045/share to $17.04. In the past year, the shares have traded as low as $13.80 and as high as $18.03. On average, 83715200 shares of BAC exchange hands on a given day and today's volume is recorded at 47426928.